As part of government plans for a green transition, the U.S. has been rapidly developing its renewable energy capacity in recent years. While several sectors have taken off, the offshore wind industry has faced several challenges in establishing wind farms off coasts around the U.S., largely due to financial issues in the wind sector and equipment failures. So, with massive financial incentives coming from the Inflation Reduction Act (IRA) and other climate policies, will the U.S. be successful at establishing its offshore wind industry?
There are ambitious plans to grow the offshore wind capacity of the U.S. significantly in the coming years, with several international wind energy majors announcing investments in the sector. The U.S. is expected to invest around $65 billion in offshore wind by the end of the decade, which would support the creation of approximately 56,000 jobs. There is around 56 GW of wind energy…
